3 unchanged sentences
A significant downturn in this market or changes in state and/or federal laws impacting the preferential tax treatment of healthcare accounts such as HSAs could have a material adverse effect on our results of operations.
−Removed: During the three months ended April 30, 2024 and 2023, no one customer
−Removed: accounted for greater than 10% of our total revenue.
+Added: During the six months ended July 31, 2024 and 2023, no one customer accounted for greater than 10% of our total revenue.
We monitor market and regulatory changes regularly and make adjustments to our business if necessary.
3 unchanged sentences
Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents.
−Removed: We maintain our cash and cash equivalents in bank and other depository accounts, which frequently may exceed federally insured limits.
−Removed: Our cash and cash equivalents as of April 30, 2024 and January 31, 2024 were $251.2 million and $404.0 million, respectively, the vast majority of which was not covered by federal depository insurance.
+Added: We maintain our cash and cash equivalents in bank and other depository accounts, which frequently exceed federally insured limits.
+Added: Our cash and cash equivalents as of July 31, 2024 and January 31, 2024 were $326.9 million and $404.0 million, respectively, the vast majority of which was not covered by federal depository insurance.
We have not experienced any material losses in such accounts.
−Removed: Our accounts receivable balance as of April 30, 2024 and January 31, 2024 was $106.2 million and $104.9 million, respectively.
+Added: Our accounts receivable balance as of July 31, 2024 and January 31, 2024 was $108.5 million and $104.9 million, respectively.
We have not experienced any significant write-offs to our accounts receivable and believe that we are not exposed to significant credit risk with respect to our accounts receivable.
3 unchanged sentences
HSA Assets consist of custodial HSA funds we hold in custody on behalf of our members.
−Removed: As of April 30, 2024 and January 31, 2024, we held in custody HSA Assets of $27.3 billion and $25.2 billion, respectively.
+Added: As of July 31, 2024 and January 31, 2024, we held in custody HSA Assets of $29.5 billion and $25.2
+Added: billion, respectively.
As a non-bank custodian, we contract with our Depository Partners and insurance company partners to hold HSA cash on behalf of our members, and we earn a significant portion of our total revenue from interest paid to us by these partners.
10 unchanged sentences
Client-held funds are interest earning deposits from which we generate custodial revenue.
−Removed: As of April 30, 2024 and January 31, 2024, we held Client-held funds of $858 million and $842 million, respectively.
+Added: As of July 31, 2024 and January 31, 2024, we held Client-held funds of $817 million and $842 million, respectively.
These deposits are amounts remitted by Clients and held by us on their behalf to pre-fund and facilitate administration of our other CDBs.
8 unchanged sentences
and include deposits in a money market account that is unrestricted as to withdrawal or use.
−Removed: As of April 30, 2024 and January 31, 2024, we had unrestricted cash and cash equivalents of $251.2 million and $404.0 million, respectively.
+Added: As of July 31, 2024 and January 31, 2024, we had unrestricted cash and cash equivalents of $326.9 million and $404.0 million, respectively.
Due to the short-term nature of these instruments, we believe that we do not have any material exposure to changes in the fair value of our cash and cash equivalents as a result of changes in interest rates.
Long-term debt.
−Removed: As of April 30, 2024 and January 31, 2024, we had $336.9 million and $286.9 million, respectively, outstanding under our Credit Facilities.
−Removed: Our overall interest rate sensitivity under these credit facilities is primarily influenced by any amounts borrowed and the prevailing interest rates on these instruments.
−Removed: The stated interest rate on our Credit Facilities is variable and was 6.67% as of April 30, 2024.
−Removed: Accordingly, we may incur additional expense if interest rates further increase in future periods.
−Removed: For example, a one percent increase in the interest rate on the amount outstanding under our Credit Facilities as of April 30, 2024 would result in approximately $3.4 million of additional interest expense over the next 12 months.
+Added: As of July 31, 2024 and January 31, 2024, we had $511.9 million and $286.9 million, respectively, outstanding under our Prior Credit Facilities.
+Added: The stated interest rate on our Prior Credit Facilities was variable and was 6.70% as of July 31, 2024.
+Added: Our overall interest rate sensitivity under these credit facilities was primarily influenced by any amounts borrowed and the prevailing interest rates on these instruments.
+Added: For example, a one percent increase in the interest rate on the amount outstanding under our Prior Credit Facilities as of July 31, 2024 would have resulted in approximately $5.2 million of additional interest expense over the next 12 months.
+Added: On August 23, 2024, we entered into a new Credit Agreement, pursuant to which we established a new Revolving Credit Facility, a portion of which was used to repay all outstanding obligations under the Prior Credit Facilities.
+Added: As of August 23, 2024, the outstanding balance under the Revolving Credit Facility was $511.9 million.
+Added: The stated rate on our Revolving Credit Facility is variable.
+Added: Accordingly, we may incur additional expense if interest rates increase in future periods.
The interest rate on our $600 million of unsecured Senior Notes due 2029 is fixed at 4.50%.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.